Michał Kalecki Quotes

Polish economist (1899–1970)

Michal Kalecki (June 22, 1899, in Łódź – April 18, 1970, in Warsaw) was a Polish Marxist economist who specialized in macroeconomics of a broadly-defined Keynesian sort. Over the course of his life, Kalecki worked at the London School of Economics, University of Cambridge, University of Oxford and Warsaw School of Economics as well as an economic advisor to governments of Cuba, Israel, Mexico and India.

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It has been frequently assumed that V is constant; and this indeed is the cornerstone of the quantity theory of money. But it seems fairly obvious that the velocity of circulation in fact depends on the short-term rate of interest.